BMO Economics released its updated rate forecast and here’s the take away you need to know:
- The new forecast is for a total of 50 basis points (.50%) in rate cuts for 2024. This is a decrease from the previous forecast of 75 basis points (.75%).
- The first expected reduction is projected for the third quarter of 2024 (a reduction of .25%).
- The second expected reduction is projected for the fourth quarter of 2024 (another rate reduction of .25%)